Free cash flow remains deeply negative, with quarterly outflows reaching $133.8M in 2025Q1, highlighting a persistent burn rate that is only partially mitigated by a current ratio of 5.47.
| Cash from Operations | -320.95M | -371.81M | -359.17M | -287.78M | -83.52M | -158.61M | -45.4M | -57.04M |
| Operating CF Margin % | - | -497.86% | -610.44% | -655.89% | -210.49% | -1586.14% | -1330.18% | -3333.84% |
| Operating CF Growth % | 7.52% | -3.52% | -24.81% | -244.55% | 47.34% | -249.38% | 20.41% | - |
| Net Income | -559.78M | -644.76M | -463.66M | -328.07M | -239.48M | -186.48M | -87.01M | -61.88M |
| Depreciation & Amortization | 84.04M | 83.7M | 36.49M | 24.4M | 11.76M | 8.4M | 3.94M | 2.49M |
| Stock-Based Compensation | 75.17M | 111.22M | 81.69M | 53.5M | 27.91M | 14.84M | 4.29M | 1.39M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 827K | 0 | 0 |
| Other Non-Cash Items | 67.88M | 64.34M | 24.31M | 12.64M | 11.37M | 4.1M | 2.54M | 555K |
| Working Capital Changes | 11.73M | 13.69M | -38M | -50.26M | 104.92M | -306K | 30.83M | 408K |
| Change in Receivables | 42.85M | 32.94M | -6.07M | 0 | -2K | 114K | -1.12M | 605K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 7.83M | 0 | 0 |
| Change in Payables | -4.24M | -2.62M | 6.43M | -987K | 1.77M | 1.75M | -185K | -340K |
| Cash from Investing | -9.94M | -16.87M | 260.06M | -10.23M | 193.25M | -271.74M | -8.74M | -3.91M |
| Capital Expenditures | -4.97M | -6.47M | -13.7M | -11.96M | -37.06M | -39.8M | -5.83M | -3.91M |
| CapEx % of Revenue | 7.51% | 8.66% | 23.28% | 27.25% | 93.39% | 397.98% | 170.85% | 228.52% |
| Acquisitions | 0 | 0 | 277.1M | 1.84M | 0 | 231.95M | -2.6M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -2.16M | -6.6M | -3.35M | -597K | -300K | -231.95M | -309K | 0 |
| Cash from Financing | 477.54M | 521.53M | 304.12M | 140.13M | 154.34M | 458.54M | 246.13M | 120.41M |
| Debt Issued (Net) | -8.59M | -8.43M | -4.44M | -766K | -90K | -12.8M | 6.32M | 705K |
| Equity Issued (Net) | 491.38M | 532.96M | 300.42M | 128.09M | 143.71M | 462.9M | 239.13M | 119.92M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.25M | -3M | 8.14M | 12.81M | 10.72M | 8.44M | 681K | -210K |
| Net Change in Cash | 156.86M | 150.9M | 201.6M | -157.69M | 263.76M | 28.18M | 192M | 59.46M |
| Free Cash Flow | -325.85M | -378.28M | -372.87M | -300.33M | -120.88M | -198.41M | -52.13M | -60.95M |
| FCF Margin % | -491.56% | -506.52% | -633.71% | -684.5% | -304.64% | -1984.12% | -1527.51% | -3562.36% |
| FCF Growth % | 18.75% | -1.45% | -24.15% | -148.45% | 39.07% | -280.58% | 14.47% | - |
| FCF per Share | -0.62 | -0.85 | -1.36 | -1.44 | -0.69 | -1.17 | -0.31 | -0.37 |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.58x | 0.77x | 0.88x | 0.35x | 0.85x | 0.52x | 0.91x |
| Interest Paid | 0 | 0 | 0 | 0 | 55K | 0 | 989K | 485K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone dependency
According to recent SEC filings, Recursion's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating between 0.43 and 1.12 over the last ten quarters, indicating that non-cash adjustments and working capital volatility remain primary drivers of the company's persistent cash burn profile.
The persistent gap between net income and operating cash flow suggests that the company's accounting losses are not merely paper-based but reflect a genuine, ongoing consumption of liquidity to fund R&D operations. Investors should monitor whether this conversion ratio stabilizes as the company attempts to move beyond its current heavy investment phase.
As reported in financial statements, the company's free cash flow trajectory remains firmly in negative territory, with quarterly outflows peaking at $133.8M in 2025Q1, reflecting a business model that prioritizes aggressive platform expansion over the achievement of self-sustaining cash generation from its current therapeutic pipeline.
The consistent negative FCF margins, which reached -133.1% in 2025Q4, highlight the significant capital requirements needed to maintain the BioHive-1 infrastructure and wet-lab facilities. This trajectory implies that the company will likely remain dependent on external financing or milestone-driven liquidity events for the foreseeable future.
Based on reported figures, working capital changes have been highly erratic, swinging from a $35.2M inflow in 2025Q2 to a $26.3M outflow in 2025Q3, which underscores the operational challenges of managing cash cycles tied to unpredictable milestone payments from large pharmaceutical partners like Bayer and Roche.
This volatility suggests that the company's cash position is highly sensitive to the timing of contract-related cash receipts rather than steady-state operational efficiency. Analysts should interpret these swings as a byproduct of the milestone-heavy revenue model rather than a sign of underlying improvements in accounts receivable management.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $36.1M in 2025Q1, serves as a critical non-cash adjustment that obscures the true economic cost of talent acquisition, effectively subsidizing the company's operating expenses at the cost of future shareholder dilution.
While SBC is a standard tool for tech-bio firms, the magnitude of these adjustments relative to the company's cash burn warrants further investigation into the long-term sustainability of this compensation strategy. Investors should consider the dilutive impact of these non-cash expenses when evaluating the company's path to eventual cash flow neutrality.
Quick answers to the most common questions about buying RXRX stock.
Recursion Pharmaceuticals, Inc. (RXRX) generated $-371.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Recursion Pharmaceuticals, Inc. (RXRX) reported negative free cash flow of $378.3M in 2025, indicating capital requirements exceeded cash from operations.
Recursion Pharmaceuticals, Inc. (RXRX) spent $6.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.